Confused On Overbought RSI, Inventory Build Up

WTI Crude Oil: Ok, I’m officially confused. We’re at the end of the month, overbought RSI and pardon the reference to fundamentals, but showing builds in inventory. Now there should have been some kind of correction overnight. I’m not talking about a 50% retracement yet, but something. This now puts the focus on the impending test of 10000. We’ll set resistance up at 9850, 9988 and 10042. Given those higher numbers, we’re going to eventually return to support at 9722, 9644 and 9575. The front spread is holding at the resistance of –41. We have roll around the corner and we think that it’s more likely to return to –49. Flat price will eventually retreat this morning, but rally to close.

Trends are only for the affected:

We’re talking another slight uptrend to the 10min chart this morning. Although we did start out this way yesterday too. This support line will hold to about the 9650 area with reversal not far behind at 9600. Upside is tight, but will look to 9810. The solid 60min chart sees us closing in on channel resistance at 9860. We have plenty of room to see a correction back to the pivot at 9725 and the support line well be-low at 9600.

Techies, some Trekkies
- 200 Day MA 910
- 100 Day MA 9051
- 13 Day MA 9548
- 8 Day MA 9632
- 14 Day RSI 73.81

Spread now; Roll later
- Making product month
- Key support: -49, -54, -59
- Key Rests: -43, -37, -32

Gasoline:
RBH3 is where we are focusing ahead of expiry. We’re keeping the uptrend intact here, but resistance is getting limited. We’ll watch for 29779, 29925 and 30118. The support has room to find 29585, 29278 and 29117. The HJ spread has lost some lus-ter and hits resistance at –1460, -1448. Support holds to –1410, -1527. The RBCL limited to upside resistance at 2755 and support back to 2685.

Distillate:
HOH3 carrying forward after a bullish flag signal later yesterday. We are now floating higher to test resistance at 31185, 31348 and 31500. The support numbers fall in at 30984, 30840 and 30117. The front spread is trending higher with room to see resis-tance at 196, 218. The support comes back at 182 with slippage to 175. The HOCL pushes higher to 3300, 3366. Support falls back on 3256, 3214.